Here is why Avinger Inc. (AVGR) stock soared in the after-hours on Friday?

0
270
AVGR Stock
AVGR Stock

Avinger Inc. (AVGR) shares soared 20.36% in after-hours on Friday, January 14, 2022, and closed the weekly trading at $0.37. However, in the regular trading session of Friday, AVGR’s stock lost 0.57% to close Friday’s session at $0.31. AVGR shares have fallen 78.78% over the last 12 months, and they have moved down 32.20% in the past week. Over the past three months, the stock has lost 59.99%, while over the past six months, it has declined 68.16%.

Let’s have a brief discussion about its recent news and developments.


Top 5 Cheap Stocks to Own Right Now

While finding safe stocks with the potential for monster gains isn't always easy, we've found a few that could pay out well. In fact, within our report, "Top 5 Cheap Stock to Own Right Now", we have identified five stocks we believe could appreciate the most even if you just have $1,000 to invest.

Sign up here to get your free report now. .

Sponsored


>> 7 Top Picks for the Post-Pandemic Economy << 

AVGR closed its common stock offer

On January 14, 2022, Avinger, Inc. (AVGR) closed its previously announced registered direct offering of an aggregate of 7,600 shares of Series D convertible preferred stock and warrants to purchase up to an aggregate of 16,150,000 shares of common stock to certain institutional investors.

Read More

The company will get gross proceeds of $7.6 million and shares of Preferred Stock have a stated value of $1,000 per share and are convertible into an aggregate of 19,000,000 shares of common stock at a conversion price of $0.40 per share. The warrants will expire five years following such an initial exercise date.

FDA clearance for AVGR Lightbox 3 imaging console

On January 11, 2022, Avinger, Inc. (AVGR), received 510(k) clearance from the U.S. Food & Drug Administration (FDA) for its new Lightbox 3 imaging console.

The company is looking to launch Lightbox 3 in the United States early in the first quarter of 2022. Lightbox 3 presents a significant reduction in size, weight, and cost compared to the existing platform with more advanced features such as an advanced solid-state laser for enhanced high-definition OCT imaging, a more powerful computing platform, and a redesigned software system with a highly intuitive user interface that emphasizes efficiency and ease-of-use.

AVGR received FDA clearance for Pantheris

On November 17, 2021, Avinger, Inc. (AVGR), received 510(k) clearance from the U.S. Food & Drug Administration (FDA) for a new clinical indication for the Pantheris image-guided atherectomy system. This clearance allows the company to directly market Pantheris for the treatment of in-stent restenosis (ISR) in the lower extremity arteries.

AVGR latest financial results

On November 11, 2021, Avinger, Inc. (AVGR), announced results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • AVGR reported revenue of $2.4 million for the third quarter of 2021 compared to $ for the third quarter of 2020.
  • In Q3 2021, the gross margin was 34% which was the same in Q3 2020.
  • Total operating expenses were $5.3 million, compared with $4.9 million in the third quarter of 2020.
  • It suffered a net loss of $6.0 million in Q3 2021, compared with $5.5 million in the third quarter of 2020.
  • Adjusted EBITDA was a loss of $4.1 million in Q3 2021, compared with a loss of $3.5 million in Q3 2020.

    >> 7 Top Picks for the Post-Pandemic Economy << 

Conclusion

AVGR stock performed well in the after-hours on Friday after it announced to close the pricing of its common stock offer. We hope that it will continue to its momentum after the long weekend as well.

LEAVE A REPLY

Please enter your comment!
Please enter your name here